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1st July 2022, 20:29

Gibraltar-based 888 completes acquisition of William Hill’s non-US assets for £1.95bn & confirms executive leadership team

Online operator 888 has completed its acquisition of William Hill’s non-US assets from Caesars Entertainment for £1.95bn, and has announced the group’s new leadership team.

888 Holdings plc is headquartered in Gibraltar and is one of the world’s leading betting and gaming companies. It’s listed in London and operates from 15 offices around the world, employing approximately 12,000 people globally.

The Group hopes the integration will bring pre-tax cost synergies of at least £100 million, to be fully delivered by 2025.

Itai Pazner, CEO of 888, commented on the completion of the Acquisition: “I am delighted to announce the completion of our transformational combination with William Hill. We have built an outstanding leadership team, combining strengths from across both businesses, and as I look at the future, the combination of our product and content leadership, powered by our proprietary technology, and our world class brands, gives us a powerful platform for growth.

I’d like to thank Ulrik and Eric for the great job they have done at William Hill and I wish them well for the future.

Lord Mendelsohn, Chair of 888, also commented on the completion of the Acquisition: “This combination brings together two high quality businesses to create a powerful, global betting and gaming business. We believe the acquisition will create significant value for shareholders, creating a combined business with leading technology, products and brands across sports betting and gaming. With a top quality management team, formed from talent from across both businesses, I am confident about our future plans.”

The executive leadership team for the Group will be made up of the following members:

Chief Executive Officer: Itai Pazner, appointed as CEO of 888 in January 2019, having previously held the positions of COO and SVP of 888’s B2C division.

Chief Financial Officer: Yariv Dafna, appointed as CFO of 888 in November 2020, having previously held a range of senior roles at Telit Communications.

Chief Strategy Officer: Vaughan Lewis, appointed as CSO of 888 in April 2021, having previously held a range of senior roles at Flutter Entertainment, The Stars Group and Sky Betting & Gaming

Chief Operating Officer: Guy Cohen, who has been interim COO of 888, having previously been responsible for 888’s B2C business

Chief Risk Officer: Harinder Gill, who is newly appointed and will take up his role from 3 August, and was formerly the Group Head of Regulatory Compliance at Revolut

Chief People Officer: Mark Skinner, who was appointed Chief People Officer of William Hill in 2021, having previously held senior HR roles at William Hill and RSA Insurance

Chief Product and Technology Officer: Satty Bhens, who was appointed as CPTO of William Hill in 2019, having previously been a Partner at McKinsey & Company

Chief Transformation Officer: Naama Kushnir, who previously held the role of COO at 888

Managing Director UK: Phil Walker, who was appointed as UK MD in 2020, having previously been online managing director, following a series of senior roles at Gala Coral and Ladbrokes Coral

As part of the organisational changes, Ulrik Bengtsson and Eric Hageman, former CEO and CFO of William Hill will be leaving the Group following completion.